Question
A firm is characterized by the following short-run cost function: TC(L)=90L+3(L^2)-0.5(L^3) where L denotes the labor input. Fill in the blanks! 1) The maximum of
A firm is characterized by the following short-run cost function:
TC(L)=90L+3(L^2)-0.5(L^3) where L denotes the labor input.
Fill in the blanks!
1) The maximum of the marginal product of labor is at L=?, where MP(L)=?
2) The maximum of the average product of labor is at L=?, where AP(L)=?
3) The maximum of the production is at L=?, where Q=?, and MP(L)=?
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Business A Changing World
Authors: O. C. Ferrell, Geoffrey Hirt, Linda Ferrell
10th edition
1259179397, 978-1259179396
